User Account

All Pages

Prepare the entry on kimbles books related

Assignment Help Accounting Basics
Reference no: EM131144301

Presented below are two independent situations.

(a) On April 2, Nancy Hansel uses her J.C. Penney Company credit card to purchase merchandise from a J.C. Penney store for $1,500. On May 1, Hansel is billed for the $1,500 amount due. Hansel pays $700 on the balance due on May

3. On June 1, Hansel receives a bill for the amount due, including interest at 1.0% per month on the unpaid balance as of May 3. Prepare the entries on J.C. Penney Co.'s books related to the transactions that occurred on April 2, May 3, and June 1.

(b) On July 4, Kimble's Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 3% service fee. Prepare the entry on Kimble's books related to this transaction. 

Reference no: EM131144301

Questions Cloud

What is its transition matrix : The pattern is, count heads, toss heads, count tails, toss tails, count heads, toss heads, etc., and X0 = 3. Then (Xn) is a Markov chain. What is its transition matrix?
Record the collection of the givens note at its maturity : Orosco Supply Co. has the following transactions related to notes receivable during the last 2 months of 2010.
Describe the type of industry in which cr. plastics compet : Describe the type of industry in which C. R. Plastics competes. Are there competitive factors that could limit the future success of the company despite the recent growth that has been experienced?
Indicate the statement presentation of the financing : Topeka Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
Prepare the entry on kimbles books related : On July 4, Kimble's Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 3% service fee. Prepare the entry on Kimble's books related to this transaction.
Prepare the entry on dale companys books : On March 3, Cornwell Appliances sells $680,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold.
Determine the reorder point that will achieve a 98 service : Buy-More stocks color graphics monitors. The daily demand is normally distributed with a mean of 1.6 monitors and a standard deviation of 0.4 monitors. The lead time to receive an order from the manufacturer is a constant 15 days. Determine the reord..
The company recorded this amount as an addition : On December 31, 2010, Jarnigan Co. estimated that 2% of its net sales of $400,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts.
Calculate the test statistics or p value and state the concl : A coin that is balanced should come up heads half the time in the long run. A coin is tossed 4040 times and gives 2085 heads. Is the coin biased? Use Alpha = .05. (State the Hypothesis Scenario, calculate the test statistics or p - value and state th..

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd